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For the final quarter of 2018, the average price nationwide was €254,000, compared with €241,000 for the final three months of 2017.

Report author and economist at Trinity College Dublin Ronan Lyons said: “The increase in homes being built – especially estate houses – in the last 18 months has helped cool down inflation, in particular in the Greater Dublin area, where construction activity is focused. The hope for the housing system is the building of new homes continues to increase and to spread to urban areas.”

In Dublin prices rose by 2.9% to €370,472 this year, compared to an increase of 11.7% in 2017.

But in the other cities around the country, prices were similar to those in the final months of last year.